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    Sanibak's Avatar
    Sanibak Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 28, 2010, 01:13 PM
    Inferring missing values with income statement relationships
    I have been working on this problem all day and can't find anywhere to have this figured out.

    I have this given to me:

    Sales Revenue = 900
    Beginning inventory = 180
    Purchases = 800

    I have to find:

    Total available
    Ending inventory
    Gross profit
    Cost of goods sold

    I know I'm forgetting something but the book and internet isn't telling me anything but formulas that all hinge on knowing the CoGS

    Thanks in advance
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Mar 31, 2010, 07:36 AM

    Total Available = beginning Inventory + Purchases

    Ending Inventory = Total available - Cost of Goods sold

    Gross Profit = Sales - Gost of Goods sold.

    From your problem you are missing some information like the number of units sold and cost per unit.
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